The expansion of the cryptocurrency exchange Binance is limitless. Now the company has landed a new social payment app called Bundle. Bundle is primarily intended to attract new customers on the African continent.
Bundle in over 30 African states
The new app from Binance enables people to send and receive fiat currencies as well as to trade and hodl crypto currencies. Since Binance wants to win new customers in Africa, African currencies are part of the standard package. The crypto offer so far includes the cryptocurrencies Bitcoin, Binance Coin and Ethereum.
In a blog post on 23 of April, Yele Bademosi, the founder of Bundle, explains: „We developed Bundle with the digital-born African user in mind. They are connected in a social, online and geographical sense. They prefer to provide their financial services digitally via mobile apps rather than visiting brick and mortar bank offices. We decided to develop a mobile wallet that supports cash and crypto, making the use of crypto seem like another digital financial transaction via a mobile app“.
What is the goal?
With an average age of 19 years, Africa has the youngest population. In the next 30 years, one billion people are expected to be born there. Bundle is aimed primarily at young people and people interested in digital technology. Bundle itself states that the economic freedom and prosperity of all Africans is at the forefront. This creates a completely new framework for the adoption of the different cryptocurrencies.
In September 2019 Bundle completed a successful pre-seed fundraising campaign. In this campaign, Bundle collected 450,000 US dollars from Binance. Bundle now operates as an independent unit of Binance and receives support from other African investors.